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200209860 LO" It, 2232023
<br />Instrument. IfLender determines that any part oft he Property is subject to alien which can attain priority over this Security Instrument,
<br />Lendermay give Borrower a notice identifying the lien. Within 10 days ofthe dale onwhich [hat notice is given, Borrower shall satisfy
<br />the lien or take one or more ofthe actions set forth above in this Section 4.
<br />Lender may require Borrower to pay a one -lime charge for a real estate taxverifrcation and/or reporting service used by Lender
<br />in connection with this Loan.
<br />5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage," and any other hazards including but not limited lo,
<br />cartlmquakes andfloods, forwhich Lender requires insurance. This insurance shall be maintainedinthe amounts(includingdeductible
<br />levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the
<br />term ofthe Loah. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove
<br />Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection wish this
<br />Loan, either (a) a one -time charge for flood zone determination, certification and tracking services; or (b) a one -time charge for flood
<br />zone determination and certification services and subsequent charges each time remappings or similar changes occur which
<br />reasonably might affect such determination or cert ification. Borrower shall also be responsible for the payment of any fees imposed
<br />by the Federal Emergency Management Agency in connection with the review of any flood mne determination resulting from an
<br />objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option
<br />and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such
<br />coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the
<br />Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower
<br />acknowledges that the cost ofthe insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could
<br />have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this
<br />Securi ty Instrument. These amounts shall bear interest at the Note rate from the dale of disbursement and shall be payable, with such
<br />interest, upon notice from Lender to Borrower requesting payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such
<br />policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender
<br />shall have [tic right to hold the policies and renewal certificates. IfLender requires, Borrower shallpromptly give to Lender all receipts
<br />of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for
<br />damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee
<br />and /or as an additional loss payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if
<br />not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not
<br />the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair
<br />is economically feasible and Lender's security is not lessened, During such repair and restoration period, Lender shall have the right
<br />to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed
<br />to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs
<br />and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in
<br />writing or Applicable Law requires interest to be paid on such insurance proceeds, Lendcr shall not be required to pay Borrower any
<br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of
<br />the insurance proceeds and shall be the sole obligation of Borrower. Ifthe restoration or repair is not economically feasible or Lender's
<br />security would he lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not
<br />then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If
<br />Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender
<br />may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the
<br />Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an
<br />amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's ri ghts (other
<br />than the ri ght. to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as
<br />such rights are applicable to the coverage ofthe Property . Lender my use the insurance proceeds either to repair or restore the Properly
<br />or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after
<br />the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one
<br />year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or
<br />unless extenuating circumstances exist which are beyond Borrower's control.
<br />7. Preservat ion, Maintenance and Protection of the Property; inspections. Borrower shall not destroy, damage or impair
<br />the Property, allow the Property to deteri orate or commit waste on the Property. Whether or not Borrower is residing in the Property,
<br />Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition.
<br />Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair
<br />the Properly ifdamaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with
<br />damage lo, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has
<br />released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
<br />of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the
<br />Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may
<br />inspect the interior ofthe improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior
<br />inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shallbe indefrult if, during the Loan applicationprocess , Borrowerorany persons
<br />or entitiesacting atthe directionofBorroweror withBorrower'sknowledgeor consent gave materiallyfalse, misleading, or inaccurate
<br />information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material
<br />representations include, but are not limited to, representations concerning Borrower's Occupancy of the Property as Borrower's
<br />principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to
<br />perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly
<br />affect Lender's interest in the Property and/or ri ghts under [his Sewrily instrument (such as a proceeding in ba t , probate,
<br />FEBRAS"— Single F,n ity Fannie NtaelFreddle Mec UNIFORMINSTRUMFNT Initial ,
<br />Form 30281101 Page 4 of NEUVA ED
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